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ExonHit Therapeutics Expands Strategic Alliance with Allergan

20 May 2005 - ExonHit Therapeutics announced that its strategic alliance with Allergan, Inc. has been extended by mutual agreement based on the positive results achieved to date. This will enable both companies to continue their successful collaboration for the discovery and development of new therapeutics in the fields of neuro-degenerative diseases, pain and ophthalmology. In relation to this new agreement, ExonHit has received an additional payment of US$2 million from Allergan.
 
The parties' collaboration, which was initiated in 2003, has lead to a number of promising discovery programs at various stages of preclinical studies, with its most advanced compound currently finalizing preclinical development.
 
Under the terms of the collaboration, ExonHit receives financial support in the form of on-going R&D payments as well as payments for drug candidates achieving certain development milestones. Additionally, ExonHit will receive co-development and co-commercialization options in therapeutic areas outside of Allergan's key strategic areas, as well as, royalties or, in cases of co-development and co-commercialization, profit-sharing on commercialized drugs.